Creating Two World-Class, Independent Companies: Teck Metals and Elk Valley Resources

Creation of Two World-Class Companies

On February 21, 2023, Teck announced the reorganization of its business to separate Teck into two independent, world-class, publicly-listed companies - Teck Metals Corp. (Teck Metals), and Elk Valley Resources Ltd. (EVR) - both committed to responsibly providing essential resources the world needs.

Teck Metals will be a premier, growth-oriented base metals company with a strong portfolio of producing operations and top-tier copper growth potential.  

EVR will be a high-margin Canadian steelmaking coal producer, focused on long-term cash generation and providing cash returns to shareholders, with significant equity value accretion potential.  
Unlocking the Value of Teck Resources
The separation will create two world-class resource companies and provide investors with choice for allocating investment between two businesses with different commodity fundamentals and value propositions.
As independent companies, Teck Metals and EVR will have streamlined portfolios and be better positioned to pursue individual strategies and goals, achieve their full potentials, and support a sustainable future for the benefit of our employees, communities, and Indigenous peoples in the areas where they operate.  Teck Metals will also retain access to steelmaking coal cash flows for a transition period to fund copper growth. 

As part of the transaction, Nippon Steel Corporation and POSCO will exchange their minority interests in the Elkview and Greenhills operations for interests in EVR, and NSC will invest a further $1.025 billion for an increased interest in EVR. This participation by two of the world’s largest steel producers highlights the critical importance and strong outlook for steelmaking coal.

Sunset of Dual Class Share Structure
Teck has also announced a proposed sunset for the multiple voting rights attached to Teck’s Class A common shares, which will transition Teck Metals to a modernized governance structure. 

Approvals and Shareholder Vote
Both the proposed separation and sunset of the dual class share structure are subject to required regulatory and shareholder approvals.

The shareholder votes will be conducted at a special meeting expected to take place on or about April 26, 2023.  Teck expects the separation to be completed in the second quarter of 2023.  
Further information regarding both the separation and dual class amendment will be included in the management proxy circular to be mailed to Teck shareholders for the meeting, which will be available on SEDAR at and on EDGAR at   

Investor Contact

Fraser Phillips
Senior Vice President, Investor Relations and Strategic Analysis

Media Contact

Chris Stannell
Public Relations Manager